Bianca Hall, writing for the The Sydney Morning Herald, outlines lockdowns are taking a toll on Melbourne’s CBD.
The Property Council of Australia’s Office Market Report was released on 5 August 2021. It revealed more than one-10th of the city’s office floor space was untenanted in July 2021 with offices empty across Melbourne’s CBD, as demand for space falls below that of the 1990s recession and slumping to the lowest in the country.
Melbourne was the only capital city to record negative demand for office space. The report found the increase in Melbourne vacancy rates was largely due to reduced demand, rather than oversupply.
There is also a looming glut of office and retail developments set for completion between now and 2023 in Melbourne’s CBD.
